Amex Rejection earning $300k

[theblank]

Not all card applicants fit the profile that the lender is seeking. If rejected, it may be better to just move on, annoying as it is.

This is very true also.

I recall a time NAB wanted to attract young university graduates to get credit cards, as they perceived these would be high value customers in the future. In the marketing briefing they said that those that fit this profile would be assessed more favourably by the auto approval system. They may have even advised to override declines where warranted - not that this was something we couldnt do anyway.

Such a thing would be a peice of cake to do in the back end at anytime.

 

[aikman]

You can do that way easier with a monthly salary, and you can be fired any day. What's your point?

Who is more likely to blow all their money - someone with 1 million in their bank account or someone earning 10k a month? Think about it for 2 seconds.

It is generally accepted that if someone loses their job they will just get another one. Society has operated this way for generations. It is predictable behaviour.

This is not the case with someone who has a non-renewable pile of cash. Once most or all of it is gone, then it's gone. People might spend it in the share market, bad investments, purchase of a boat/car/holiday house/business etc. Banks cannot predict how people with non-renewable piles of cash will spend their money.

Nobody takes responsibility for their actions these days. They blame the banks for everything. I can understand if banks won't trust cash rich people to not blow it all one day.

 

[Cessna 180]

I have had a few AMEX over the years, even during the depths of Covid when I was on a casual income. Very easy application and approval.
Westpac told me they do not approve CC's unless on a full time income(their words at the time).

I have been back at my full time job for 18 months and swiftly rejected for AMEX around six months ago and then again just recently. Before any proof of income was asked for, or was I given a chance to upload any.

I rang both times and both times they mumbled something about a letter in the post and could not give a specific reason, blah blah.

I have learnt not to be too upset by these things and thence applied for the V Flyer-citi card and was approved fairly straight forwardly...

Who really knows how these things work. The whole job has become a bit more challenging, just adds to the fun of it i suppose..

 

[N0mad]

So i got the rejection letter in the mail indicating issues with my Veda credit file. Checked the file which was excellent and called up to see if it may have been income related since i didn't provide rental income.

The agent said if it was income related it would be on the letter and basically indicated it was from churning ie having a number of cards and cancelling with in a short period.

interestingly i've been pretty lax in the last 12 months maybe 2 applications and 3 cancellations.

 

[Trainyellow]

Except that you could blow all of your liquid assets and cash at the poker table tonight, or worse, lose it all on an online romance scam. Then how will you service your bank loan tomorrow?

If you had a reliable regular monthly salary on the other hand...

Then what if you lose your job tmr and bankrupt and job less.

The bank should work on people credit histories, bankrupt, unpaid or any deb collect.

People with good credit and pay ontime make no profit for them that why alway reject people with good payment history.

 

[Trainyellow]

Except that you could blow all of your liquid assets and cash at the poker table tonight, or worse, lose it all on an online romance scam. Then how will you service your bank loan tomorrow?

If you had a reliable regular monthly salary on the other hand...

When you lose your job and apply for it they still approve because statement still show the income. So income and a kid still don’t know why they dont want approve for good credit payment people because they make no money when payment is ontime.

They just make money and never make it probably because people no debt no unpaid history.

income or asset mean nothing to repayment and only good credit is the only way secure the repayment, they know it but they dont like it.

 

[levelnine]

When you lose your job and apply for it they still approve because statement still show the income. So stupid answer low IQ about income and a kid still know why they dont want approve for good credit payment people because they make no money when payment is ontime.
sick of low IQ answer like this. They just make money and never make it probably because people no debt no unpaid history.
income or asset mean nothing to repayment and only good credit is the only way secure the repayment, they know it but they dont like it.

Amex Rejection earning $300k

My brother with no debts applied for a mortgage and was rejected. After some investigation by the mortgage broker found out a home loan he had paid out some 5-10years ago was never cleared at one of the credit bureaux and still showing as owing plus also showing an unpaid Telstra bill...

www.australianfrequentflyer.com.au

 

[Myrna]

Just sharing an experience. i had a UK amex plat charge card when living in London for 8 years - no income requirements, as I did not work - although the no income requirement has now been changed. Returned to Sydney during the lockdown, tried to transfer credit profile to apply for a AU Amex plat charge card - the answer was an outright rejection by Amex due to no salary income! as we will resume our travel wanderlust and we want the priority pass card, the hilton gold so we got niece to apply for the Amex plat charge card, with her as primary and hubby as secondary cardholder - we offered to pay her annual fee if card was approved. she has salary income, a mortgage, one non-Amex credit card, and a good credit score. We were not sure if it would be approved, but it was!

 

[Brissy1]

Just sharing an experience. i had a UK amex plat charge card when living in London for 8 years - no income requirements, as I did not work - although the no income requirement has now been changed. Returned to Sydney during the lockdown, tried to transfer credit profile to apply for a AU Amex plat charge card - the answer was an outright rejection by Amex due to no salary income! as we will resume our travel wanderlust and we want the priority pass card, the hilton gold so we got niece to apply for the Amex plat charge card, with her as primary and hubby as secondary cardholder - we offered to pay her annual fee if card was approved. she has salary income, a mortgage, one non-Amex credit card, and a good credit score. We were not sure if it would be approved, but it was!

Good deal for you.
GREAT deal for your niece!

 

[PlatyG]

Hi All,

Honestly I'm a bit blown away by my rejection, even the call operator was shocked. I applied for an American Express Velocity Platinum so I can accrue some velocity points, instead of the Qantas points I get with my ANZ Black card. The issue is I am a high income earner and only have ever had two credit cards my whole life, so never a churner.

Some facts
1. I earn $300k per year and have for the last year from employment income, I'm 40, so plenty of earning years ahead
2. I own my house out right with no mortgage
3. I do have two dependents and they are in child care
4. I live like I still earn $100k - so not over spending
5. I do have a line of credit of $300k against my house but its not drawn down. But my borrowing capacity is way more than that. They never asked me this in the application process.
6. I have had two credit cards my whole life, the old 28 degree Mastercard which is now cancelled. An ANZ black with a $15k limit.
7. Credit score was 890
8. Not that it matters, but my husband is around the same income.

Has any one had this happen before? It can not be on earnings and spending. Could it be that ANZ is flagging that I'm paying my credit on time and even in advance and they know they wont make any money off me? I genuinely want to accrue both Velocity and Qantas points as with kids we need to flexible with our carrier. I read all the time that people have multiple credit cards with way less income than me.

I am genuinely annoyed by this, I get no child care rebate from the government as I'm a high income earner, but I cant even get approved for a credit card based on my income. The government need to look into the practices of credit card companies. I apparently have a letter coming in the mail telling me the exact reason but I'm not holding my breath and the operator would not put me up to a manager.

Does anyone have any suggestions here?

Your credit rating is done by 3 agencies and the banks check all of them. It is automated so no human involved and an application can be stopped there. Happened to me for a different card as one of them had been locked for a month after a data breach and they forgot to unlock it a year later.
Also check if you drivers licence is locked to prevent identity theft as that stops the credit agencies doing a check.

Worth checking they are not holding errant data supplied by a landlord or whomever.
Can get a free report to see where you stand. Get a report periodically from them and fix up mistakes.

https://www.equifax.com.au/personal/

Get your FREE Equifax credit report & rating. Manage & protect your credit health with credit & identity monitoring from $9.95 p/m

www.equifax.com.au

Consumer Services | Experian Australia

Make the most informed credit decisions. Reach your financial goals. Enquire now for a personal credit report and latest credit scores.

www.experian.com.au

illion Credit Check - See your credit score and credit report for free.

See your credit score and credit report for free.

www.creditcheck.illion.com.au

The platinum charge card is much more flexible for points, had other benefits and as someone has already pointed out has different requirements to a credit card as it is a debit card.

 

[Bell21]

Your credit rating is done by 3 agencies and the banks check all of them. It is automated so no human involved and an application can be stopped there. Happened to me for a different card as one of them had been locked for a month after a data breach and they forgot to unlock it a year later.
Also check if you drivers licence is locked to prevent identity theft as that stops the credit agencies doing a check.

Worth checking they are not holding errant data supplied by a landlord or whomever.
Can get a free report to see where you stand. Get a report periodically from them and fix up mistakes.

https://www.equifax.com.au/personal/

Get your FREE Equifax credit report & rating. Manage & protect your credit health with credit & identity monitoring from $9.95 p/m

www.equifax.com.au

Consumer Services | Experian Australia

Make the most informed credit decisions. Reach your financial goals. Enquire now for a personal credit report and latest credit scores.

www.experian.com.au

illion Credit Check - See your credit score and credit report for free.

See your credit score and credit report for free.

www.creditcheck.illion.com.au

The platinum charge card is much more flexible for points, had other benefits and as someone has already pointed out has different requirements to a credit card as it is a debit card.

Agree - sounds peculiar you got rejected given your circumstances -as platyg suggested, check there's nothing peculiar on your credit record and I assume you pay your credit cards and other debts on-time (which your credit rating suggests)

Post automatically merged: Today at 4:44 PM

Agree - sounds peculiar you got rejected given your circumstances -as platyg suggested, check there's nothing peculiar on your credit record and I assume you pay your credit cards and other debts on-time (which your credit rating suggests)

Also worth adding that you should check-out the AMEX platinum personal charge card - if you want some flexibility for future points use, then it's much more helpful than airline aligned cards, but the annual premium is $1450 --- however, if you travel overseas once or two per year, you can get good benefits from it.

 

[Ansett Nostalgic]

One more thing to consider here (unless the AmEx call centre already provided this information) is your credit history on one of the credit bureau may be incorrect. This happened to a friend of mine who was rejected by ANZ for a loan (details don't really matter here) - turned out one of the credit bureaux showed that she was a bankrupt - her data had been corrupted with incorrect information - took ages to get it sorted out. Credit bureaux was totally in the wrong but refused to assist in correcting the information.

I know a good lawyer who can correct credit bureau information. PM me for details